Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 401 · 40 questions

Business tip (Revenue in, profit left): Sole trader: one owner, keeps all the profit, owes the debts, simplest to start. Company: a separate legal body, owned by shareholders, run by directors, owners’ risk limited. Revenue = price × number sold. Profit = revenue − costs, so costs = revenue − profit. Teens run a business with adult help; tax and legal questions go to an adult or an expert.

1. 1.True or false: “one owner runs it” is true of a company. (a) False (b) True
2. 2.A small business sells 15 fruit cups at ₹30 each. Its costs are ₹230. What is its profit (in ₹)?
3. 3.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
4. 4.A small business selling paper bookmarks had a revenue of ₹105 and a profit of ₹75. What were its costs (in ₹)?
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) run by directors
6. 6.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
7. 7.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
9. 9.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts
10. 10.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
13. 13.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
16. 16.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner owes the debts
17. 17.A small business selling handmade cards had a revenue of ₹1710 and a profit of ₹1100. What were its costs (in ₹)?
18. 18.A small business sells 11 glasses of chai at ₹10 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) owner owes the debts
20. 20.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
22. 22.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
23. 23.A small business sells 38 fruit cups at ₹15 each. Its costs are ₹150. What is its profit (in ₹)?
24. 24.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
25. 25.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
27. 27.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
28. 28.A small business sells 14 potted plants at ₹45 each. What is its revenue (in ₹)?
29. 29.A small business selling handmade cards had a revenue of ₹1500 and a profit of ₹710. What were its costs (in ₹)?
30. 30.A small business selling paper bookmarks had a revenue of ₹350 and a profit of ₹230. What were its costs (in ₹)?
31. 31.A small business sells 33 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
32. 32.A small business selling handmade cards had a revenue of ₹2610 and a profit of ₹820. What were its costs (in ₹)?
33. 33.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
34. 34.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) owner keeps all profit
35. 35.A small business sells 23 paper bookmarks at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
37. 37.A small business selling glasses of chai had a revenue of ₹2030 and a profit of ₹480. What were its costs (in ₹)?
38. 38.A small business selling painted pebbles had a revenue of ₹420 and a profit of ₹130. What were its costs (in ₹)?
39. 39.A small business selling paper bookmarks had a revenue of ₹495 and a profit of ₹145. What were its costs (in ₹)?
40. 40.A small business sells 14 jute bags at ₹35 each. What is its revenue (in ₹)?

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